In a first, trade activities between Pakistan and Russia have begun under the TIR Convention and cargo trucks have arrived in Pakistan from Moscow via the Torkham border crossing.
According to the Customs officials, this is the first time that Pakistan and Russia have started trade activities under the TIR Convention, which the two countries signed in March this year.
Customs officials says that cargo trucks have brought yarn and chickpeas from Russia. They said that these cargo trucks would be allowed to go to their destinations after Customs clearance.
Under the Convention, Pakistan will supply 26 items to Russia, including rice, medicines, fruits and sports goods. In return, Russia will supply 11 items to Pakistan, including wheat, lentils, yarn and petroleum products.
In a statement on commencement of trade activities between the two countries, Pakistan’s Federal Minister for Communications Maulana Asad Mahmood said that Russia was the fourth largest country in the world in terms of exports. He said that bilateral trade between the two countries would boost their economic progress. He said that Pakistan was capable of exporting dry fruits, garments, surgical instruments and agri products to Russia.
The Transport International Routes (TIR) Convention is an international agreement on road transport under which imports and exports are carried out by road between different countries without hindrance.
Citrus food was exported by Pakistan to Russia for the first time in 2021 under the supervision of the United Nations.
According to the European Union, 66 countries had signed the TIR agreement till 2020. Under this agreement, all imports and exports are organized by the International Road Transport Union and trucks are given a special permit. National customs documents are not required under this convention.
Pakistani currency remains stable against US dollar and other currencies in the open market on February 21, 2024 (Wednesday).
In the open market, the US dollar was being quoted at 279.6 for buying and 282.4 for selling.
Euro comes down to 300 for buying and 303 for selling while British Pound rate stands at 350.5 for buying, and 354 for selling.
UAE Dirham AED hovers at 76.15 whereas the Saudi Riyal saw slight increase, with new rates at 74.35.
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